Exam 9: Expenditures Processes and Controlspurchases

The internal control process that requires physical controls in the warehouse and shipping areas with access to inventory helps to minimize the risk of:

A company may reject goods received due to a number of reasons.The process related to this is referred to as:

Which department is generally responsible for the notification of the need to make cash disbursements and the maintenance of vendor accounts?

When a payment has been made, the cash disbursements clerk will clearly mark the invoice with information pertaining to the date and the check number used to satisfy the obligation.This process is called:

One of the newest technologies related to payables is one where invoices are exchanged and payments are made via the internet.The name given to this process is:

Which of the following internal controls wold help prevent overpayment to a vendor or duplicate payment to a vendor?

Which of the following is most likely to be effective in deterring fraud by upper level managers?

The accounting record that includes the details of amounts owed to each vendor is called the:

Which of the following is not an independent verification related to cash disbursements?

The internal control process that requires the performance of end of period review to determine whether purchases are recorded in the proper period will help to minimize the risk of all of the following EXCEPT:

The security and confidentiality risks of computer-based matching would include:

The acquisition of materials and supplies and the related cash disbursements is referred to as:

The internal control process of separating the custody of inventory from the accounts payable record keeping will help to minimize the risk of:

The internal control process that requires purchase records to be matched and verified for item descriptions, quantities, dates, authorized prices, and mathematical accuracy, will help to minimize the risk of:

Internal control is strengthened by the use of a blind purchase order, upon which the quantity of goods ordered is intentionally left blank.This blind copy is used in which department?

Which of the following questions would most likely be included in an internal control questionnaire concerning the completeness of purchasing transactions?

This document, prepared and maintained by the receiving department, is a sequential listing of all receipts.

The internal control process of having the receiving reports prepared on pre-numbered forms so that the sequence of receipts can be reviewed for proper recording will help to minimize the related risk of:

There are four primary functions of corporate governance.Which of the following is NOT one of those functions?

There are different ways to issue a purchase order to a vendor.Which of the following is not one of the ways?